| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:00 | Germany | GDP (QoQ) | Quarter II | 0.2% | -0.1% | -0.1% |
| 06:00 | Germany | GDP (YoY) | Quarter II | -0.1% | -0.1% | 0.0% |
| 06:00 | Germany | Gfk Consumer Confidence Survey | September | -18.6 | -18.3 | -22.0 |
During today's Asian trading, the US dollar consolidated against major currencies after yesterday's modest gains, driven by increased demand for safe-haven assets amid escalating tensions in the Middle East.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) fell by 0.01% to 100.84, which is not far from the 13-month low reached last week (100.53). The dollar's gains are being capped by the increased likelihood of easing the Fed's monetary policy in September after Fed Chairman Jerome Powell more or less nodded to such a move on Friday. In addition, yesterday, San Francisco Fed President Mary Daly also said that next month there will probably be a 0.25% rate cut. According to the CME FedWatch Tool, markets see a 28.5% probability of a 0.5% rate cut in September (down from 29% the week before), and a 71.5% probability of a 0.25% rate cut (up from 71.0% the week before), with a 1% rate cut expected by the end of the year.
The Australian dollar rose 0.2% against the US dollar, helped by improved risk appetite. Investors also focused on data from China (Australia's main trading partner). The National Bureau of Statistics (NBS) said that from the beginning of the year (through July), China's industrial profits increased by 3.6%. This was slightly faster than the 3.5% growth recorded in the January to June period. Meanwhile, in July, industrial profits increased by 4.1% per annum after an increase of 3.6% per annum in June.